I had a look at the full M* write-up; if you want to buy now certainly looks like a good time.  I totally agree that inhaled insulin--IF it is not damaging to the lungs over the long haul--could be a blockbuster.  Easier and less painful than shots, less embarrassing for adolescents (a big management issue), more reliable for those with poor eyesight, etc., etc.  Its introduction will, I think, be somewhat slow--doctors will be hesitant to take on such a big change in treating patients who are tough enough anyway, but I'd expect the adoption curve to follow the usual patterns if the early adopters are enthusiastic.  The big risk is, obviously, unexpected news in the clinical trials, or unexpected behavior at the regulatory end. 

The good news about the company is that it sounds like they have enough money, barring terrible setbacks, to get through the next two years without revenue.  Having said all that, I have to add that I just don't have the stomach for anything this risky but I certainly wish you well with it!  

DrH